Extra Space Storage (NYSE:EXR) Price Target Raised to $172.00

Extra Space Storage (NYSE:EXR) had its price objective hoisted by Truist Financial from $147.00 to $172.00 in a report released on Thursday morning, Marketbeat reports. The firm currently has a buy rating on the real estate investment trust’s stock.

Other research analysts have also recently issued reports about the stock. BMO Capital Markets raised shares of Extra Space Storage from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $160.00 to $170.00 in a research report on Thursday, August 27th. Wall Street Zen raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. The Goldman Sachs Group reissued a “neutral” rating and issued a $160.00 target price (up from $152.00) on shares of Extra Space Storage in a research note on Thursday, July 30th. Mizuho reduced their target price on shares of Extra Space Storage from $155.00 to $152.00 and set an “outperform” rating on the stock in a report on Wednesday, September 2nd. Finally, Scotiabank increased their price target on Extra Space Storage from $157.00 to $158.00 and gave the company a “sector perform” rating in a report on Tuesday, August 18th. Eight investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $158.31.

Extra Space Storage Trading Up 0.2%

Extra Space Storage stock traded up $0.39 during midday trading on Thursday, reaching $158.59. The stock had a trading volume of 885,161 shares, compared to its average volume of 1,403,597. The stock’s 50-day simple moving average is $141.71 and its 200 day simple moving average is $143.11. Extra Space Storage has a twelve month low of $125.71 and a twelve month high of $163.18. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.25 and a current ratio of 0.25. The stock has a market capitalization of $33.10 billion, a PE ratio of 32.23, a price-to-earnings-growth ratio of 4.37 and a beta of 1.07.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, October 27th. The real estate investment trust reported $1.17 EPS for the quarter, missing the consensus estimate of $2.10 by ($0.93). The firm had revenue of $889.79 million for the quarter, compared to analyst estimates of $886.61 million. Extra Space Storage had a return on equity of 7.36% and a net margin of 29.90%. The business’s revenue was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.08 earnings per share. Analysts expect that Extra Space Storage will post 8.46 EPS for the current year.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be issued a $1.62 dividend. The ex-dividend date is Tuesday, December 15th. This represents a $6.48 dividend on an annualized basis and a yield of 4.1%. Extra Space Storage’s payout ratio is currently 131.71%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Extra Space Storage by 756.9% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 113,185 shares of the real estate investment trust’s stock valued at $14,885,000 after purchasing an additional 99,977 shares in the last quarter. Steward Partners Investment Advisory LLC raised its position in shares of Extra Space Storage by 5.2% in the 3rd quarter. Steward Partners Investment Advisory LLC now owns 10,850 shares of the real estate investment trust’s stock valued at $1,427,000 after purchasing an additional 534 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of Extra Space Storage by 7.9% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 193,003 shares of the real estate investment trust’s stock valued at $25,382,000 after buying an additional 14,096 shares during the last quarter. Polymer Capital Management US LLC boosted its stake in shares of Extra Space Storage by 51.8% during the 3rd quarter. Polymer Capital Management US LLC now owns 23,540 shares of the real estate investment trust’s stock valued at $3,096,000 after buying an additional 8,033 shares during the last quarter. Finally, Benjamin Edwards Inc. grew its position in shares of Extra Space Storage by 15.3% during the third quarter. Benjamin Edwards Inc. now owns 6,344 shares of the real estate investment trust’s stock worth $834,000 after buying an additional 840 shares in the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

Extra Space Storage Company Profile

Extra Space Storage Inc. is a real estate investment trust (REIT) focused on self-storage. The company owns and operates facilities that rent storage units to individuals and businesses for personal and commercial use. In addition to operating its own properties, Extra Space manages self-storage facilities for third-party owners and offers related services, including tenant insurance. Its facilities serve customers across the United States. Founded in 1977 and headquartered in Salt Lake City, Utah, Extra Space expanded its national platform through acquisitions, including its 2023 merger with Life Storage.